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to prevent one today. put the economy in terms we noneconomists understand. it's like a car. >> to return to the driving analogy, if the incoming data supports the view the economy's able to sustain a reasonable cruising speed we will ease pressure on the accelerator by gradually reducing pace of purchases. >> not put on the brake but was ease off accelerator. the fed has been buying $85 billion a month in bonds. that money rushes into the economy, fueling a huge rally in stocks, huge rally until this week. it keeps interest rates low on your home and car loans. but investors are nervous that tapering, taking the foot off the gas, will end the big gains. just the fear of ben bernanke easing up on the gas pedal sent the dow down 500 points wednesday and thursday. regardless if you own any stocks, your money is on the line. terry sav itch, author of the savage truth on money, chief investment strategist, welcome to the program. you say all of the worrying about when stocks will pull back is a good thing. explain. >> well, i'm not saying that it's a good thing for your psyche to be worried a
to the world economy. >> at the summit the g8 leaders issued a cautious assessment of the global economy. in a statement, the g8 warned that, quote, global economic prospects remain weak. though downside risks have reduced thanks in part to significant policy actions taken, unquote. in the u.s., the euro zone and japan. they depicted 2014 as a quote unquote difficult one with the euro zone in recession and the american economy still hampered by high unemployment. china did not participate in the discussions since china is not a member of the g8 although japan, its neighbor, is. >> why are the economies around the world slowing down. >> because the economies around the world have accumulated too much debt and they don't know how to get the economies moving again. china's growth rate is down to 6 or 5%. no one knows where it's going. exports within the european community are dropping all over the place. virtually every european country -- look at the unemployment rate in spain. it's 26%. you look at italy, france and spain, they're all cass -- basket cases. they have a debt to retail. just
people, is this fundamental? is this is there wrong with the economy? so many people came back to me and says, it's hedge funds taken out, they want to lock them in, they're resetting, moving to cash, resetting, and it's going to be temporary. so it wasn't nearly as scary and it really was hedge funds, that fast, short-term money. not the long term, people. >> so ben bernanke didn't say we're taking money out of the economy, we're putting on the brake. he said sometime in the future, when the unemployment gets to 7%, we will slow down on the accelerator. >> it's exactly what people wanted them to do and it's exactly how they should do it. give them lots of time to adjust, lay out the framework, give them exact details. this is when we think we're going to do it, we're going to do it gradually. and if the economy weakens, we're going to get back in and make sure it's okay. >> ben bernanke says the fed will pull back stimulus measures as the economy improves. that is a good thing the fed chief is giving a road map for that. that means the u.s. economy can stand on its own. that means t
of the strongest parts of our struggling economy? hi, eryone, i'm brenda butner. the bulls and bears this week. gary b. ith, toeben smith, jonas, john layfield along with susan ox. welcome to everybody. okay, gary b., you say all this snooping could shock the one part of the economy that's actually growing? how so? >> absolutely, brenda. look, i'm going to call this the nsa tax, if you will. you know, we have the e-commerce segment o our gdp is about $269 billion. it's growing the faest of any retail segment that we have out there. in fact, it's probably,if you look back over the last few year really supplied the bulk of the job and growth and innovation in the retail sector. if people now are afraid to go online, and they ar i mean, they've been aaid in the past. you know, credit cards and stuff like that. this is only going to exacerbate it. if that industry starts to shrink,oh, boy, the economy is really going to suffer. >> jonas, you say consumers are going to get used to it afte a little while. >> i don't think it's going to change shopping behavior. the other day, you can save 3% on some
? or is this a chance to take advantage of lower asset prices just as the economy shifts into a higher gear? >> one point we think a lot of investors are missing, though, is that the fiscal drag to the economic growth scenario for the u.s. next year becomes far more favorable. >> let's get prospective from phil orlando. phil, as always, good to see you. question number one, is this bull market interrupted or bull market fatally wounded. >> we're just interrupted, tyler. there is no question the sell off was a reaction but the market is missing it. the federal reserve in our view is going to be making a data dependent decision. for them to pull it that's been aggressive for a number of years, they have to believe the economy is ready to grow at 3% or better and they wouldn't pull the accommodation if they felt the economy was weak. so that's a positive, not a negative. >> basically, it seems to me, phil, that what chairman bernanke said yesterday is what he's been saying for months. he did put more sharp points on it but what occurs to me is that the sentiment in the market has changed. a month ago
, a world economy in turmoil. derail america's economic comeback. christine romans has answers. "your money" starts right now. >>> another week of volatility in the markets. the reason, we global unrest and uncertainty about the fed's role in propping up the economy. i'm christine romans, this is your money. from space, earth appears peaceful. take a closer look. while signs point a u.s. economy ready to take off, the rest of the world is struggling to take flight. riots in turkey. slowing growth in china. unrest over harsh cuts in greece. from extreme greed to extreme fear. concerns over a global recession already creating volatility for investors. this week saw the biggest single day decline on the dow this year. >> i would give our economy a b to b plus. >> the other guy getting a d is dragging us down. >> why might you not be feeling optimistic? housing prices on the rise. less unemployment numbers. but will the u.s. be dragged down by a world economy in turmoil. >>> want to bring in keith, ceo of risk management and michelle myers, from bank of america. let me start with you, keith. yo
of modern family. >>> first, will a world economy and turmoil derail america's economic comeback. christine romans has answers as your money starts right now. >>> another week of volatility in the markets. the reason? global unrest. uncertainty about the fed's role in propping up the economy. i am christine romans. this is "your money." >>> from space, earth appears peaceful. while science points to a u.s. economy that is ready to take off, the rest of the world is struggling to take fights. riots in turkey, slow growth in china, unrest over harsh cuts in greece. from ux treem greed to extreme fear. concerns over a global recession already creating volatility for investors. this week saw the biggest single day decline in the dow this year. >> i would give our economy a b to a b plus. >> the other guy's is dragging us down. >> why might you be feeling optimistic. housing prices on the rise, consumer confidence at a five-year high, fewer americans filing for unemployment. will america's comeback continue or will the u.s. be dragged down by a world economy in turmoil? >>> i want to bring in ke
of an ingracious way to do it because ben bernanke got him elected by pumping all the money into the economy, and being the only thing promoting economic growth because his fiscal policies he even admits fail. that's pretty bad. i was shocked at bernanke's statements yesterday. they were clear and concise and said in clear terms that we're going to end this, when we get any sort of indication it's probably going to be over. we may even end et al. together next year if the economy starts to improve. he knows the markets are so volatile, on tender hooks about ending quantitative easing, and you have to thicket was payback. >> neil: normally, they stay before you fire a person, make sure you have their security pass. and check they don't have weapons. but in this case, the powerful weapon. i'm not saying -- there could be the temptation to say i'm going do it sooner than the market thinks. >> i don't think what the president said was an accident. i don't think he says anything accidentally. and you can read a lot into that. and there has been a ton of chatter since that interview, talking abou
cells of the economy, not just the u.s., but the global economy. a lot of news, and assault team coverage with nicole petallides. once again standing by the new york stock exchange. a big sell-off. phil flynn at the cme tracking down the commodities, especially metals. jo ling kent is here with a very troubling story about china that we are following, but first to you, nicole. your headline please. >> reporter: to the big deal here is watching the volatility. we had a lot of 200. swings in the last 21 days since ben bernanke and his testimony may 22nd. half of those, ten of the 21 actually had 200. swings. the volatility is here and today you are obviously seeing a bigger move unusual. 350 points to the downside. cheryl: and an unusual move. that is how you would characterize this. >> reporter: absolutely an unusual move. essene the volatility of 10200, but not 350. cheryl: you will get back to you in a moment. phil flynn at the cme. >> reporter: it is a metals meltdown. what temperature doubles milton mack probably when the fed starts talking about a brief. the dollar is soaring
of the monetary stimulus out of the equation if the economy is getting better. and he says, the economy is showing signs of getting better and we think by year end and into 2014, it's going to be better still. so we anticipate being able to take away some of the scaffolding around this building and let it see whether it can stand on its own two feet. why is that bad news? why are commodities, stocks and bonds selling off on what, really, you could interpret as good news? >> i think it really isn't bad news, and i do think that much of what chairman bernanke said yesterday was in line with market expectations, but it clearly wasn't in line with investor positioning. so people are selling because they had a different expectation of where the fed was going to be. we now have a situation where there is some concern coming out of the markets, are the feds going to move too soon? i think that's unlikely. inflation continues to fall, so we're in a disinflationary environment. i think the feds' investments on employment are probably accurate, so i think as we look at the second half of the year, positions
point. the economy is soft, inflation virtually non-existent and i'm just going to add why risk deflation when we barely have a recovery at all? one major consequence of the bernanke policy of ending bond purchases is the big jump in interest rates and that, in turn, changes stock market valuations and that is one big reason for the large correction in stocks this week. no one can foretell the future. least of all, me. but let me just ask a couple of questions here. have treasury rates completely discounted an end to qe, okay? i don't think they have. here's my fear. i'm just going to say this. if you play this out, the ten-year treasury ought to be the same as the growth of total spending or nominal gdp in the economy and that's 3.5%, maybe 4%. we're at 2.5% on the treasury. in other words, in the last year we'll be looking at rates going to 4% in treasurys and i don't think that's in the market yet. now, also, will both stocks and bonds play cat and mouse with the fed? every day, every week, every month for the next couple of months. that's going to be a tough one. since i don
. >> the economy has suffered, and so have local businesses. in that sense, i do not support further protests, but if the prime minister had expressed himself better, if he had been more accommodating, things would never have got so bad. he likes to project power. this is how he travels to his political rally. to his critics, the heavy- handed police response to the protest symbolizes the heavy- handed attitude of his government. for some, enough is enough. >> they do not want to be told how to lead their lives, how many children they should have, what kind of bread they should eat, what they should drink or not. they are just fed up. it is also partly a reflection of the fact that people decided that they needed to speak up, to sort of remind the government that there are these other people out there who have a different view of how the country should be run and that their views should be respected and taken into account. >> so at 9:00 every night, they bang their pots and pans in noisy protests against the government that has won three elections and looks set to win another. they are callin
on whether the economy continues to improve. gone in two days were was last two months of gains in the stock market. for the year stocks are up more than 12%, even if a lot of us have doubts about the health of the economy. >> unemployment needs to be fixed, housing market. >> i'm worried about the economy. >> reporter: what is next? the year is almost half way down. corporate reports will come out soon and experts are nervous, housing recovery, mortgage rates are inching up. >> these stocks will be volatile until we get clarity on what the feds are doing. >> reporter: there is no shortage of opinions even inside the fed itself. jim bullard said the bond buying was inappropriate time. >> i think the fed was purposely trying to take air out of the housing market and stock market. they don't want the stock market going up 20% every six months and house prices rising 10% year after year. >> reporter: they took bernanke at his word, the economy is recovering and a policy charge is a short-term shock to the system. >> we're babying, over medicating this economy. this economy is like a 12-year-old
the fedotenko start scaling back its bond buying program at the end of the year if the economy continues to improve. his comments at the meeting shook the stock and bond market. it's greater optimism. the unemployment could drop to 6 point phone 5% in 2014. that's a year earlier than previously thought. they're still not concerned about inflation and think gdp might expand faster than 3% over the next two years. bernanke tried to draw a distinct line between tapering and the end of qe 2. >> the most important thing that i just want to convey again is that it's important not to say this date, that date, this time. it's important to understand our policies are economic dependent. >>> so coming from the fed. equities sold off in the united states. you can see here just about 35, 40 stocks on the dow jones 500. ftse up 1 2/3. the pmi number. basic resources are the biggest seller. that comes off with china, hsbc pmi down at a nine-month low. new orders down. we're getting more on that from munich. the market reaction, this means commodities are weaker as well to date. spot gold down 3% this
wall street journal," -- -- he went on to say, "the economy is recovering too slowly and should not be regarded as the new normal." >> we need a new approach. an approach that removes obstacles of growth, prosperity -- of growth and prosperity. unleash the nation of builders. to become a nation of builders and i think we have to stop picking winners and losers and start focusing on expanding opportunity for everyone. we started out by giving our kids a good chance at an education. to hirend opportunity axa's education so students are ready for tomorrow's job market. to become a nation of builders again, we need to fix our tax code. if we clear out all of these loopholes and make the tax code fair it is going to make it easier to understand, we will be creating more incentives to bring jobs home, and keep our resources here in america. a host: john boehner before the national association of manufacturers. this headline from "the -- this editorial from "the wall street journal" -- joseph on our twitter page has this comment -- logan is on the phone from las vegas on our independen
the downside risks to the economies have diminished. that's certainly good news. the economy is improving. then they went on to say, mr. bernanke reiterated, the fed may taper bond purchases at the end of the year and finish by mid-2014. that was a little more flesh on the bones of their plan there. that was the important part of that. stocks and bonds dropped on that. the dow jones industrials average. we have ended at the lows of the day, down about 200 points in the dow. that started dropping -- even though we were down before 2:00, the slide accelerated as mr. bernanke began speaking at 2:30 on the press conference. bonds took it on the chin. take a look at the agg. this is the bond etf, the largest one that's out there. that's an aggregate of the total bond market. this is now essentially sitting at a two-year low. let's move on. low inflation, not great necessarily. for gold. gold took it on the chin as well. take a look at gold. gold is also closing right near two-year lows. these are intraday charts. but gold is near a two-year low right now. other commodities dropped as well toda
into the american economy to help the global recovery. but christine lagarde is urging the bank to roll back its monetary easing in the future. the imf managing director spoke after releasing an annual report on the health of the u.s. economy. she said the feds quantitative easing helps the recover ne the u.s. and supports the global economy. >> there is no need to rush to exit from monetary accommodations given the still large output gap, gishton subdued growth that we have, and given the well-anchored inflation expectations. >> lagarde says the monetary easing should continue at least through the end of the year. the fed is buying $85 billion in bonds and other assets each month to lower borrowing costs and stimulate employment, but investors speculate it may start tapering off these stimulus measures. the imf report notes markets could overreact leading to a sharp increase in long-term interest rates and volatility of international markets. >>> united nations officials say they expect average life spe expectancy around the world to rise to almost 82 at the start of the next century and they e
: they just thought by designing the system, by putting the -- under a collective economy they could bring great results. [speaking mandarin chinese] >> translator: they are stripped everybody's freedom. [speaking mandarin chinese] >> translator: nobody has a freedom to find food . >> to grow food. >> translator: to grow them and find food according to their own effort. >> so they collectivized -- they collectivized farming. [speaking mandarin chinese] >> took away the incentive to grow -- [speaking mandarin chinese] >> translator: dismantled individuals and individual house hold as production units. >> there was grain in the agricultural areas, but it got sent away; correct? [speaking mandarin chinese] >> translator: the grain production is -- [inaudible] the grain production was rejuiced by huge -- reduced by a huge amount. they took away the incentive, as you said of production. >> they also took it away. the grain itself? correct? they took it to the city. [speaking mandarin chinese] >> translator: so the government simply took away the harvest, the yields of all of it. [speaking manda
." >> major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> suarez: the prospects for passage of immigration reform, by a big margin, appeared to brighten considerably today. supporters talked hopefully that they'd met demands for greatly expanded policing of the border with mexico. >> madame speaker, i rise to speak. >> suarez: two republicans went to the senate floor this afternoon to announce a potentially critical compromise on a key sticking point for many in the g.o.p. >> americans want immigration reform, of that there is no doubt. they want us to get it right and that means first and foremost securing the border. >> some people
? this global economy. certainly, ups is a definite no whether to where we are headed. right now, checking out stocks. nicole petallides on the floor of the new york stock exchange. nicole: the dow jones industrials down about 28 points. not to off the unchanged line. there is this wait and see mode today. the last trading days have been up more than 100 trading points. the volatility is back. it has been the name of the game since may 22. we heard that tapering maybe in the future. right now everyone is just waiting to see what the fed really has to say. the language is so key here. everyone is waiting to see. right now you can see that the dow is down just slightly. lori: you summed it up beautifully for us. we will get one of the most federal reserve statements ever and less than an hour. will we get any clue as to when tapering will begin? thank you so much for joining us. what are you expecting to hear from the fed today? >> i expect no change. the statement is key. i will look for the labor market. is this the best that we are going to get? if, yes, i expect the taper to put off. lori: o
. the difference this time around, the economy is better, housing is better, the labor market is better. this time around, i think it is a little different, a little bit better fundamental backdrop. tracy: let's talk about how we can position our bonds for it. >> it is hard to know exactly where this will settle out. the move of two to 40 has been pretty dramatic. we may have already covered a lot of the ground we will cover. on the equity side, i think you have to be overweighted in the u.s. still. i like the domestics of the goals. we are the only major market in the world that is growing and i think stocks here are still reasonably priced. tracy: i know you also like tech. >> the problem with tech is you have to be a little discriminating because as a factor, it derives more of its product overseas than ever. the tech sector, in my view, again, is pretty reasonably valued. tracy: we have to talk about commodities. gold is down. event gold typically down this time of year? >> i would not be getting into gold. i think gold is being washed out as a result of the fed's projections. the rest of the
what he said? valuations are attractive still. businesses are doing well. the economy is strengthening. get this. he says even with $20 billion, he opportunity have enough money to take advantage of all the opportunities here. >> 20. it's not all his. >> he says he's not looking at this point like, look, maybe the rate of the market has slowed down. we're not talking about three year doubles at this point. he says for his funds he's looking more five or six years for doubling. maybe nine or ten for the market. still talking about a very strong market and a place he sees great opportunity. >> these are times you try to keep your cool. >> got to have some powder. got to have dry powder. >> i wish we had all the guys looking for -- if they were to come on and say no, no, no, i'd feel better. they're never able to pull the trigger. want to go overseas? >> i think we should. for a moment. >> take us there. >> i hear this whole thing in china is kind of just not just ben bernanke creating some problems. let's talk about trading in asia and europe today. ross westgate standing by in london. f
base metals, indication of a slower global economy. commodity stocks, of course, they get hit when the dollar rises, 3%, 4% declines. they've been down 15% in the last six weeks here. let's move on here. there was no place to hide. it didn't matter. consumer staple stocks down 3%. utilities were down 3%. consumer discretionary defense care is not defensive. there wasn't any place to hide. i just want to note, larry, the s&p 500 down 5% from its historic high just about a month ago, but it's still up almost 12% on the year. bear that in mind, i want to know we're already getting deals cancelled and we had one secondary canceled tonight and brookfield renewable energy and they own wind mills and natural gas-fired power plants and they canceled late tonight due to what they call market conditions and the slide to the downside. larry, right now the futures are pretty much unchanged and we'll have it open tomorrow with a lot of trading and it will be the options exploration. after that, a lot of people here are hoping for a relatively smooth day, but nobody knows for sure. back to you.
in the economy. so again, i mean, your point is well taken that we are in a position where this simple adjustment by 25 basis points in the federal fund rate seems like a long ago experience. we are in a more complex type of situation, but we are determined to be as clear as we can. we hope that you and your listeners and the markets will all be able to follow what we're saying. >> donna and then we will go to peter. >> donna with american banker. next month will be the 3-year anniversary of the dodd-frank act. as you know, there are number of significant all makings' that have left. provincial regulations. and risk retention to name a few. can you providen where we stand with bill greuel makings and also, are you still optimistic that we will see these rules completed by the end of this year? >> it is certainly true that it has taken time to do these regulations. there are number of reasons for that. the first is that there are inherently quite complicated. the volker rule for example involves some very subtle distinctions between hedging and market-making in proprietary trading. the second reas
fiscal policies. opinions are divided on how the growth plan can lift the economy. nhk world's chie tanaka has more. i >> reporter: cabinet ministers gathered on friday to give final approval on the new economic growth plan. its purpose is to make japanese businesses more competitive and to bolster the country's economy. the plan includes tripling the value of infrastructure exports by 2020 to over $300 billion. it also calls for establishing special economic zones to provide tax incentives and permitting sales of medicine online. abe also wants to promote the export of medical services and technologies to a market worth over $50 billion by 2030. some private firms welcome the new growth plan. japan's the leading manufacturer of medical image equipment is one of them. >> translator: we are looking forward to promoting our high quality medical products with government support. >> reporter: one economist says a growth plan with specific goals bodes well for the economy. >> setting a new target over prime minister's abe's growth strategy is very easy to understand, what trend of the po
this year. if they remain broadly aligned with our current expectations for the economy, we will continue to reduce the pace of purchases in measured steps through the first half of next year ending purchases around mid year. >> the bonds finished in the red as the blue chip index showed its seventh straight move. all the main s&p sectors closed lowers. the worst performers were defensive sectors. telecons. this is what people had been warning us, look out for those stocks that act more like bonds. that's exactly what happened yesterday. the yield on the ten year treasury, it hit a 15-month high if you take a look at that. 2.426%. this is a concerning move. this morning the dow futures are indicated down triple digits once again. this is on top of a 200 point plus drop yesterday. it doesn't look like there's going to be a quick bounce back, at least not this morning. >> we have a number of newsmakers to help us make our way through all of this, get through these questions raised by the fed bank. including alfred broaddus and former minneapolis fed. we have john stumpf. cisco is going to h
-changer? the economy getting better? >> think investors don't believe what bernanke is telling us. that the economy is stronger. and that it is a lack of confidence in the economy's ability a to stand on its two feet without all of this liquidity. >> and do you think this is old-fashioned profit taking? we've had good gains for 2013. we've had good gains for last four years. is it time to take something off the table for that reason. >> think i so. and a couple dayes with twloost days of run up with the announcement yesterday was short-covering. so i think you have people on the shore wagon as well. i think it is a combination of profits and the move down today. >> have you a triple witch tomorrow right? expiration coming tomorrow. how does that impact things? >> i think that exaggerates the moods. usually you see a lot of activity and volume and movement. and what we have seen the last few days is a heavy down days. i think the on coming combination exaggerate the move and puts pressure in that direction of the movement in this case down and exaggerate this move. not quite a bit but, significantly
that is something that is likely. you would have to see something happening much bigger in the overall economy. i do not think it is likely. >> during the recession, new home construction dropped by roughly half. now, thanks to supply and demand, we are starting to see what could be a very robust housing market. a great deal will depend on the broader economy. connell: david, thank you. david lee miller four us in the newsroom. great story. dagen: new regulations could create a labor shortage in that industry. connell: added to my long-standing theory. nevermind. twitter founder jack dorsey teaching small business leaders how to harness attention in social media. he sat down with our friend, peter barnes. talking about rates all day long. dagen: hello. connell: hey, how's it going? dagen: that is a big move. connell: exactly.% a big move from where we were. we will be right back with more "barkett now." ♪ i want to be prepared for the long haul. ishares minimum volatility etfs. foa smoother ride. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackr
the financial system and the economy did it exist to support. this is at the center of "masters of nothing," the book we're launching this week. because throughout her life, lady bacher passionately believe capitalism was not only the effect this form of economic organization ever invented, but also the most moral. today, the first of those points is almost undisputed and we should all be grateful to the market liberals of west and east, who in free the peoples of the former communist bloc restocked in turkey so liberated billions in china and india and indonesia in beyond, from grinding poverty and prove once and for all that free markets are the greatest source of prosperity ever known to man. but the free market is a world force of good is less well understood and its moral authority hinges on two crucial factors. first, free-market airfare because we were disproportionate to effort. when markets work, those who prosper and work hard and risk their capital to succeed in making other people's lives, their customers lives better. for most people, fairness is a form of reciprocity that she
consequential meeting for markets and the federal reserve in terms of guiding markets and guiding the economy on policy here. i want to give you some tips that i think is a way to listen to bernanke today. i think you want to watch the forecast, the 2.6% gdp growth, the average for 2013 and the 7.4% unemployment rate. those could both come down here. unemployment could actually go either way, but i think it might come down here. watch the tapering guidance of the the market bet is that there is not a taper at this meeting, but bernanke could lay the groundwork for september or sooner. rates versus qe. listen to the chairman try to talk. we expect this, that he'll start to say, you know what, bernanke could strive to convince the markets that tapering does not mean a rate hike, and finally i would expect the third degree on the third term. expect many questions on whether bernanke wants to stay or if, you know, he's been fired. one thing i want to show you is the ten-year. we'll be asking the fed chairman about traits and whether the rise in rates is something that the fed wants to have happen
the obama economy? this is "special report." good evening, i am chris wallace in for bret baier. investors and traders on wall street are breathing a sigh of relief, thanks to a break from two rough selloff days in the financial markets. chief white house correspondent ed henry reports there's one man that remains on the hot seat, federal reserve chairman ben bernanke. >> reporter: after two days of market melt downs and high anxiety about 401(k)s plunging again, the last thing president obama or his aides wanted to do today was try to decipher the words of the fed chairman, ben bernanke. >> how is the white house sorting out what he said? >> here is what i have to say about the markets and the fed chairman and fed policy. >> reporter: nothing to say. probably smart because the market settled today, with modest gains for the dow and s&p 500 and a small drop for nasdaq, after a two day global selloff for stocks, bonds, and commodities, sparked by a massive credit crunch in china, refusal by communist leaders to intervene by pumping cash into the system, coupled with bernanke's comment that
mean for commerce and economy. >>> and now a backing off of a bid for sprint by dish, and they will concentrate on clearwire. >>> and also, a look at icahn stepping up dell bid. >>> and now the fed is wrapping up the two-day policy meeting this afternoon. investors hoping that fed will provide clarity about how and when the fed will wind down the bond buying program. make sure to watch the statement, and ben bernanke's news conference which is i perhaps more important, and it starts at 2:00 p.m., and one way or another, it is going to be nice to get something out of the way, wouldn't it? >> yes, i used to regard these events as big bad events when i worked at the hedge fund, because there could be relief even if he says the wrong thing and i'd love for him to address the 10-year, because it signals that the e kconomy is better, b it is not just weak. but if you address the 10-year, i'm in control and the bond vigilantes are not. i believe when this is over, we will come back and discuss -- i'm not kidding -- stocks. >> although, is it possible that the language that h
't think the economy is that strong yet. that would be another conversation on the line, but i think the interest rate -- the jump in interest rates is more once again of a knee jerk reaction. >> do you agree with that, because it does feel as though we're kind of at an infliction point in terms of rates, and this has been a really big backup this week in rates even though we're still at historically low levels. >> as much as i love kenny, i disagree with the big guy. an overreaction, no. we aren't seeing an overreaction. big ben. came out with the bernanke belly flop when he inadvertently suggested that they can move the stimulus or even taper on unemployment target. went from 6.9% up to 7%. that was huge, and that's when the ripple effects and the tsunami came into the treasury pits behind me. they began selling it, and right now, sue, severe technical damage, so the treasury market, obviously 7 and above, 2.40 in the ten-year note is very difficult. equity bounced off this 100-day moving average of 15.75 which coincides with the multi-year high. a lot of people were caught offside
the economy and improve relations with the west. >>> group of eight leaders are in northern ireland for their annual summit to discuss a wide range of issues including the conflict in syria. >>> "the guardian" newspaper says british agents spied on foreign politicians and officials in 2009 during a g-20 meeting in london. >>> iran's president-elect has held a news conference in tehran. hassan rouhani made a victory speech. he said his administration will rebuild the economy and improve relations with the international community. president-elect hassan rouhani held a news conference for the first time after winning majority of votes in friday's election. nearly 400 journalists attended. >> rouhani ime promised to improve the economy in relation to international. >> rouhani garnered 55% of more than votes. moderate and reformist groups came together to help him. but he'll have to work with hard-line conservatives if he wants to push his agenda forward as they occupy majority in the parliament. he'll be inaugurated in early august succeeded outgoing president mahmoud ahmadinejad. >>> l
reserve had fuelled gapes for months investing billions to get more money 234r0eing through the economy. the central bankers suggested that if the recovery continued, they could scale back investments. ben bernanke said they would evaluate threats and believe the risk for the economy have diminished. investors don't like what nay are hearing. they fell by about 3%. and they are hoping for more stability to close out the week. managers at japan's biggest banks have their own executives at bank of tokyo ufj agreed to pay $250 million to regulators in new york. they transferred billions to countries facing u.s. sanctions. they moved $100 billion to iran, myanmar and sudan in violation of new york state law. between 2002 and 2007 they carried out about 28,000 such transactio transactions. managers instructed employees to strip information from wire transfer messages that could identify countries and people subject to international sanctions. bank officials say they have been working since 2007 to meet obligations. they said in a statement that they are cooperating with the regulators. u.s.
is not only allowing inflation, but the fact that it won't come down. and now the u.s. economy has to take into account that and the move of rates and the 1.5% move in rates is a hard pill to follow. >> and scott n the last three or maybe four, the feds have come in, and they have said, i am short the 10-year and take a boatload and every year they are wrong, and perhaps now, but to this point, we are waiting for an appreciable move in rates for year and years and the fact that the economy may not stand on its own legs is curious to me. i am curious what you are hearing out there, as well, scott, in terms of the pain people are taking on the fixed income side, and those who are not short credit and obviously watching the equities sell off. >> the market, whether it is treasuries or equities, the market was probably hoping and probably against the better judgment probably that bernanke yesterday was going to sort of walk it back, and walk back the notion that they were going to mention taper org that -- tapering or going to do it any time soon and we know that the people you are talking abo
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